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TOWER staff out of a job

All but one of TOWER Investments’ asset management team have been told they are out of a job, Good Returns has been told.

Friday, April 19th 2013, 4:02PM 1 Comment

by Susan Edmunds

The investment branch of TOWER was sold to Fisher Funds, in a  $79 million deal that settled at the beginning of the month.

TOWER investments chief executive Sam Stubbs had been placed on gardening leave and today told Good Returns he was not able to make any comment. “I’m still under the employ of Fisher Funds for the next six months.”

Carmel Fisher, managing director of Fisher Funds earlier said at the time of the deal being announced that the merger was an opportunity to achieve economies of scale that could be passed on to clients.

She said duplication would be eliminated.

Fisher Funds has its own asset management team.

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Comments from our readers

On 21 April 2013 at 3:59 pm Stan Walker said:
Meh, live by the sword die by the sword Samuel.

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